USDINR
Welcome to a fresh week, We are expecting USDINR likely to commence Monday's session between 82.20-82.30 levels as the U.S. dollar's strength eased while investors awaited data from China to gauge demand at the world's top crude oil importer.
The Reserve Bank of India's monetary policy committee may lean more on data in deciding the key interest rate going ahead even as policymakers appeared divided on the future path of rate hikes, minutes of its September meeting suggested on Friday.
Indian consumers are lapping up everything from cars, houses, and television sets to travel and jewelry in the festive season that began last month, according to early data, giving a fillip to growth prospects despite economic gloom elsewhere in the world.
USDINR INTRADAY
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 82.61 (82.48 – 82.12) 81.92
THE 🛢️
Oil found support from a combination of factors, including Chinese President Xi Jinping's comments at the Party Congress that reassured accommodative policies for the economy, a positive sign for the demand outlook.
Oil prices are expected to remain volatile as production cuts by OPEC+ will tighten supplies ahead of the European Union embargo on Russian oil, while a strong U.S. dollar and further interest rate increases from the U.S. Federal Reserve limit price gains.
THE 💴 GAME
That sharp decline comes despite Japan's intervention in the foreign exchange market last month to prop up the yen, its first such effort since 1998.
Diplomat Masato Kanda said “Japan will respond firmly to excessive currency fluctuations”, its top currency, following the yen's sharp fall to a 32-year low to the dollar.
Kanda made the comment as the Japanese currency hovered close to a 32-year low near 149 yen, stoking concerns about boosting already high import costs that are squeezing households and companies.
THE METAL WORLD
On Monday, Gold prices inched higher but were pinned below key support levels as markets feared more interest rate hikes by the Federal Reserve, while copper markets awaited quarterly production figures from some of the biggest miners in the world, due later this week.
Copper futures rose 0.5% to $3.42 a pound. Prices of the red metal had risen 1% last week, benefiting from some weakness in the dollar and signs of tightening supply due to sanctions against Russia.
HAPPY MONDAY, LET'S MAKE SOME MONEY
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